 The system is unfunded, meaning the elderly who retired right after the implementation of the system did not pay any taxes into the social security system, but reaped the benefits.Professor Michael Doran estimates that cohorts born previous to 1938 will receive more in benefits than they pay in taxes, while the reverse is true to cohorts born after.Further, he admits that the long-term insolvency of Social Security will likely lead to be further unintentional intergenerational transfers.